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THE T A. IXl IB I DL. 3L.- 



SPEECH 






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1 



OF - 

WILLIAM SPRAGUE 



IN THE 



SENATE OF THE UNITED STATES 



APRIL 8, 1869. 



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NEW-yORK : 

JOHN A. GRAY & GREEN, PRINTERS, 16 & 18 JACOB STREET 

1869. 



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THE TAX BILL. 



SPEECH 



09 



William Speag-tj.e 



IN THK 



SENATE OF THE UNITED STATES 



APRIL 8, 1869. 



THE TAX BILL. 



Me. President: It is not my intention to confine myself 
strictly to a discussion of the measure before the Senate. I ob- 
served, a moment since, that the effect on the distiller and manu- 
facturer of whisky of compelling him to withdraw his whisky 
before it had ripened for sale, would be injurious to him. I did 
not say that it would invite speculation, but such will be the 
result of it. The compelling of a manufacturer to raise large 
sums of money at this time, at an exorbitant rate of interest, is 
an oppression toward that manufacturer, and that assertion can 
not be gainsaid. The effect of placing upon the market large 
amounts of this commodity will certainly be to depress for a 
time the market, and there are those who stand ready to seize 
that favorable opportunity, based upon the distress and the mis- 
fortune caused by the action of the Government, first forcing 
them into this condition, and then forcing them out of it at a 
time when they are not prepared, and when the market is in 
such a state as almost to put them in a condition of bankruptcy, 
if this policy be persisted in. 

In another point of view, the discrimination between those who 
import from foreign countries and those who manufacture at home, 
must be considered by the Senate. Those who import foreign pro- 
ductions are entitled to three years' time previous to the withdraw- 
al from warehouse of the article that they import. This is in my 
mind a measure that has not received the consideration, based 
upon information from the correct source, that it ought to receive. 
It ought not to pass this body. This constant legislation, affect- 
ing existing interests, by Senators who can not be and are not 
conversant with the interests of this particular subject, is unfor- 
tunate. How can they be conversant with it? What I com- 
plain of, here and elsewhere, is this constant tampering with the 
interests in which the people are engaged, in order to force 
from them Government revenue. The whole legislation here 



4 

is to protect the Government ; and there is, in my deliberate 
judgment, very little attention paid toward protecting the inter- 
ests in which the people are engaged. 

Mr. Sherman : I do not want to interrupt my friend, but I 
desire to say to him that there is not a single clause or section 
of this bill which is not demanded by persons engaged in the 
business themselves. Every section of this bill is for their re- 
lief, not for the relief of the Government. 

Mr. Spragite : Complaints come to me from those engaged 
in this interest. They have satisfied my mind with the correct- 
ness of the statements they have made, though they have not 
apparently affected the mind of the Senator from Ohio. 

Mr. President, the attendance to-day is significant. Whether 
the crowd in the galleries are here from curiosity or from a deep 
interest in the present condition of the country, each one that oc- 
cupies these seats can better judge. If they feel as do those who 
communicate with me on paper, and express themselves concern- 
ing the present condition in which this country is, as regards the 
action of the Government on the interests of the people, they are 
not here from curiosity, but from a deep anxiety concerning the 
welfare of the country. 

It was observed by my friend, the Senator from Nevada, some 
time since, that I had united in the measures which had prevailed 
in Congress. I did not think then to state, as I now do, that it is 
not only right, but the duty of every man, whether he occupies 
a private or a public station, when new light breaks in upon him, 
or when the information and reflections that crowd upon him are 
of such weight as force him to a different conclusion from that he 
has heretofore held, to at once change his ground and act accord- 
ing to his honest convictions. I came into this chamber some 
time ago, from a deep sense of duty, to communicate to the 
Senate and to the country my reflections on the state of affairs, 
and the great anxiety that was a second nature to me, that had 
become a part of my being. It is the policy and practice of the 
Supreme Court of the United States, notwithstanding there is 
new light on an old subject, to give to the new subject with 
new light the decision that it gave to the old subject with the 
old light. It is for the purpose of maintaining their prestige, 
regardless of the merits of the case. That is the policy and the 
practice of all interests that design to perpetuate themselves and 
to increase their power. There is no other reason why Senators 
should hold to the opinions that they have heretofore held, ex- 
cept it is to be consistent, strong, arrogating to themselves and 
to the body power, without regard to the change of circumstan- 
ces and conditions around them. 

Have the people of the United States observed, have reflect- 



ing Senators and members of Congress observed, have politi- 
cians observed, that there is in our form and system, as now prac- 
ticed, no check whatever in any of the branches of the Govern- 
ment, or among any of the privileged interests of the people? 
As to the Executive, what has been the spectacle that has ex- 
hibited itself to the countrv ? Was there not an effort that con- 
vulsed the country, and blanched the faces of thoughtful men, to 
bring the President of the United States to the bar of the Senate, 
to be checked for what the Senate thought was an arbitrary 
grasp of power ? What is the spectacle that has been presented 
to the country in the last few weeks? The Senate have held 
on to power with a tenacity equaled only by the hold on power 
of uncontrolled and unchecked tyranny in the past. I referred 
a moment ago to the judiciary, in the appointment of which this 
body shares. Certainly, on a consideration of these three 
branches of the Government by thoughtful men, they must de- 
cide that the powers now exercised by the Senate, in connection 
with all these three branches of the Government, are far in ad- 
vance of those that were exercised by them when the Constitu- 
tion was first established. 

We find, too, in the country two great religions bodies arro- 
gating to themselves not only the powers of their holy calling, 
but exercising an almost controlling power in the political affairs 
of the country, as well as upon the social condition of the peo- 
ple. I will not point to those who lead in directing the interests 
of either one or the other of those great institutions ; but I point 
the attention of the reflective mind to their growth and influence 
otherwise than was originally contemplated, or desirable, when 
this people first established for themselves a republican form of 
government. 

We had before the Senate, the other day, the spectacle of a 
contest between two great monopolies. The great railroads 
across the continent have been here at the bar of the Senate, to 
contest their claims to an aggregation of more power than they 
would otherwise have. I point to those great monopolies, and 
I ask the people of this country if it is a pleasing spectacle to 
them to find Senators of the United States concerned, on the one 
side or the other, in advocating the claims of each ? 

I point to the trades of the country. Is it a pleasing spectacle 
to witness in the great city of New- York the growth of one or 
two great interests, and the poverty of all the rest ? And when 
I speak of poverty^ those of whom I speak will respond to the 
words I utter. I point also to the great manufactures, greater 
now, far greater, than when I first came into the arena of pri- 
vate or public life. I ask the people about and around those 
great interests whether or not they prefer the present condition 



6 

of things to the condition in times past, when there were other 
smaller interests, but who had power as well, and who neutra- 
lized and checked the growing and overshadowing influences of 
the great concerns ? 

The example of the Government in arrogating to itself supe- 
rior powers is followed by the people ; and I shall show before 
I take my seat, that it is owing to a condition of things growing 
out of the construction of the Government itself. 

Sir, I have aroused the attention of the country to their 
affairs. That must be patent to every Senator. I have not 
spoken words that have not been spoken at other times, but 
they did not then touch the popular heart; and why? The 
popular heart and the popular mind was never before in its pre- 
sent condition, for the reason that the future never looked so 
dark to the people of the United States as it looks to-day. They 
do not know what the difficulty is, or how to remedy it. They 
do know that there is a pressure upon them that they can 
not throw off. They look to Congress, who have absorbed the 
powers that I have enumerated, to give them relief ; and when 
they hear words different from the words that have heretofore 
been uttered, those words command the public attention. 

Another reason is that the people know from those utteran- 
ces that I am conversant with their condition ; that I know the 
causes that have produced that condition ; and they feel, from 
the foreshadowing of the idea of the remedy, that there is hope 
for them. 

I have not come before the Senate or the country for any 
idle display, or for any purpose of sensation. I certainly do 
not desire to be the object of the gaze of the people of the Uni- 
ted States. I would have preferred to leave this country and 
to take myself far from the sight and far from the hearing of 
that which I believe to be, know to be, its ruin, unless there is 
a reversal of the policy and the acts of this body. I am con- 
vinced of it because the facts themselves have impressed it 
upon me, and because the condition of the people of this coun- 
try now presents to me an exact parallel to the condition of 
other people when they commenced their downfall. 

The Senate of the United States may well have misunder- 
stood me. It has always been my nature to hide myself from 
the public gaze. It was my boyish nature. If I was to be 
found in earlier times, it was easy to find me removed from the 
confusion and from the observation of all, devoted to my own 
reflection upon the subjects that were presented to me at the 
time. Such, sir, is my nature ; and there must have been a 
strong power that could have forced me to the expression of my 



views and reflections, so contrary to the general sentiment of 
the body, so at variance with the party now carrying on the af- 
fairs of the country. Were I to consult my own convenience 
and pleasure alone, I would continue, as I had done, silent and 
apparently inattentive to the business and affairs going on 
about me. But, sir, I could not do it. I could not resist the 
pressure that compelled me to speak that which I thought, that 
which I knew to be the truth, and that which, if not ultimately 
acted upon, would carry the country to ruin and servitude as 
certainly as things went on. 

I do not speak from feelings or opinions formed now for the 
first. For some time I have noticed the general tendency 
of things. If I needed any confirmation of my views, I have 
it in the fact that the condition of the masses of the people to- 
day is far more unsatisfactory than it was a year ago. From 
the South and from all parts of this country come to me letters 
asking for employment. I am supposed to be rich, and I am 
made' the objective point for these solicitations, perhaps, more 
than the friends around me. The inquiries that I make and the 
information that they give confirm me in my opinions, if I 
needed confirmation. 

One great difficulty that exists is that those who possess 
large interests come here with their attorneys, men familiar 
with the legal mind, and their case is presented in a legal way, 
and meets the judgment of the legal mind. The business man, 
familiar simply with the routine of his own business, not look- 
ing much beyond it from day to day, brings to bear upon his 
interests no language, no information, that can draw the attention 
of minds thus constituted. It is for that reason that the great 
business interests of this country, without which the Govern- 
ment is of no avail and the object of its establishment is a 
failure, suffer. 

I think I shall prove conclusively to the minds of all who 
read that the condition of the country to-day has a parallel in 
the history of Spain under Philip II. when she lost her posses- 
sions and commenced her downward career. I shall point to 
the Netherlands as another parallel, showing that by the adop- 
tion of the plan shadowed forth by me she maintained that su- 
premacy which was the wonder and the astonishment of the 
world. 

Before entering upon my proof, I design — as I have heretofore 
omitted to mention it among the great powers now absorbing 
all the interests and all the privileges of the people — to speak of 
the press. I have a word to say to the press. You are a great 
power in the land ; greater than all the press in other lands 



8 

combined. "With this great power in your hands, one notices 
that you have not, considering the condition of the country, 
used it to promote the prosperity of the people. You are repre- 
sented here by your reporters and correspondents. I speak 
directly to you both. You pretend to give wholesome advice 
and right direction to the thoughts of the people. I believe you 
assume to be the champion of liberty. Freedom of the press 
is said to be the synonym of freedom for the people. Of course 
you are always thus engaged. No influence otherwise affects 
you. In fact, you can not be bribed into the special interest of 
anybody! The young men about me, acting as your corre- 
spondents, who find it difficult to live on the pittances doled out 
to them, are never tempted, of course, by the great corrupting 
influences around them, into words contrary to the justice and 
good of the people ! If the people come ever to believe the 
contrary of this — that you are the ready tool of the oppressors 
of the people, that your watchwords are but a delusion and a 
snare — your influence will be less than now. But let that go. 
If you are truthful and do stand truly by the liberties of the 
people, and war on servitude, why slur my utterances ; why un- 
derrate the person who utters them, his arguments, his facts, and 
his position ? If you are true, let us understand it. If you are 
the tool of the rings, of jobbers, of the great monopolists of the 
state, of the bar, o the land, or of money, let us understand 
that also ; and the people, who are not yet, I hope, so far re- 
duced as to be incapable of striking a blow in defense of their 
liberties, will know exactly where to point their guns. 

Let it be understood, once for all, that I will not run a news- 
paper merely, or organize a political party. I am going to ad- 
vocate a true system of finance based on the great principle 
which has presented itself to me— the power of the people ex- 
ercised directly in their own interest. For myself, I enjoy all I 
can aspire to ; I will not be drawn from a great idea, and one 
which, in my confident belief, will give to my countrymen a 
higher and nobler position than has ever been enjoyed or even 
aspired to by any other people since the world began. If, how- 
ever, I were President of the United States, which is the only 
office that is the direct representative of all the people, I should 
make an effort to administer the office based on the general in- 
terest and average opinion of the people. To accomplish this, 
I should throw out from a semi-official source a glimpse of 
measures that were to be acted upon, as Lincoln did, that there 
might come to me the views of all conditions of people. It is 
true safety thus to call up the general j udgment ; and subjects 
of public consideration might, by this arrangement, become so 



modified as practically not to be those originally proposed, 
and a disclaimer could not be impeached. 

We are carrying on this Government now, not only from the 
lawyer stand-point, but from that of one set of political opinions. 
There is no safety either to those who enforce the adoption of 
such opinions or to the people for whom they are enforced. 
And it is the part of wisdom to oppose them by all the force 
of reason and logic, presented in a public way, so that neither 
Radical, Democrat, nor Republican, nor Conservative, or what 
not, shall have the whole destinies of the people regulated by 
their theories or views. This is the true place for the Presi- 
dent, and it is also the best security for the people. Sir, it is 
in this as in regulating the money matters of the country. If 
the Government is carried on by hoarded and centralized 
opinions, our money affairs may also be as securely carried on 
by a condition of hoarded and centralized capital. The latter I 
am at war with. I hope the Administration will consider the 
suggestions I have here thrown out. 

I have repeatedly said that the remedy for our financial dif- 
ficulties is clear to me, and that it is also sustained by the 
clearest proofs. Two classes of minds are to be operated upon. 
Now, the professional mind is affected by a presentation of 
views only when conclusive to it. The professional man's 
opinions are modified or sustained or changed altogether by the 
enforcing on his conviction that form of truth which may enable 
him to draw just conclusions. "We would fail by the introduc- 
tion of any other character of influence than that to which he 
is most accustomed. I have many times succeeded in dislodg- 
ing long-settled ideas and views by antagonizing with them 
stronger, or those which appeared to be more practical. The 
professional mind must feel the force of this use of opinion, 
logic, and reason to influence the logic, opinions, and reason of 
others. These are practically hoarded and centralized condi- 
tions of human thought upon which we seek to operate. I do 
not use the thumbscrew in removing opinions at variance with 
mine. I simply desire to marshal thought against thought, 
that the stronger may triumph. Thus, as mind must meet mind 
to dissipate ignorance and error, so money must meet money to 
dissipate capital so injurious at this time to the popular welfare. 
I would wish that as mind must contend with mind, in the same 
manner money must dissipate the hoarded and centralized con- 
ditions of the money market. It seems to me that I must suc- 
ceed in establishing my point with professional men by intro- 
ducing new light into their reflections. 

Now, as to the unprofessional mind, the business mind. 
When the merchant or manufacturer observes capital in a few 



10 

hands, and out of his reach, he feels its disastrous effects on his 
trade and business. If he bids more for it than his neighbor, he 
gets it. He must go into the market as to an auction. Now, 
he knows that the better condition would be that it should come 
to him. It can not go to him, however, while in the condition 
of an auctioneer's sale, because it has formed that business rela- 
tion. He must be made to see how it can be freed from that 
relationship. Certainly, if there was in the general money mar- 
ket as great volume or breadth of capital as is now held in few. 
places, and out of his reach, his condition would be very differ- 
ent. The power of centralized, hoarded capital would be equal 
all around him. If he was pressed on one side by its influence, 
lie would be sustained by a counteracting pressure on the other. 
A power that will produce that condition is what he seeks. 
Having it clearly in my own mind, let me see if I can demon- 
strate it to his. When I draw from the hoarded or centralized 
capital a part of itself into another equally centralized position — 
as from banks and bankers, and other capitalists, into the 
Treasury — which I really propose to do by force of the large 
sums I would loan out derived from the gold already in the 
Treasury, by the issue of coin notes thereon, together with the 
daily balances there, and the Government revenues and indi- 
vidual and other deposits, which deposits are consequent upon 
the loans, inasmuch as the proceeds of such loans would be re- 
placed in the Treasury, subject only to the ordinary calls of the 
depositors. Thus, as contemplated by my bill, I should take 
away from one and give to the other, and if by an arbitrary 
rule I give it out on the general market from the Treasury in- 
to which it had been drawn — and I repeat this process every 
day — have I not produced an equal condition of the market? 
Have I not forced the capital of banks, bankers, and capitalists 
down to a level by the money pressure about them ? Can they 
sponge up the stream from the Treasury as fast as it flows? 
Certainly not in their weakened state. It seems to me that the 
intelligence of the business mind must at once perceive the 
soundness and strength of my position. The lesser must give 
way to the greater, as is practically effected in all countries 
where a low rate of interest prevails. 

The mass of the people must see that in doing away with the 
great capitalists under whose manipulations their labor is so un- 
profitably employed, and substituting therefore a general and 
equal pressure of money, of which energetic and active men 
may avail themselves, their condition is substantially improved 
by labor receiving its fair reward. 

I think I shall convince the minds of the masses of the 
people. I think I shall convince them of the fruitlessness of 



11 

striking at that which, though now an enemy, may, by the 
measure I propose, become a friend. The general views and 
opinions touching currency being based upon the present 
ruinous condition of things, can not be relied upon as a refuge 
from the evils felt by the people. 

The people must not be deceived by false arguments as to the 
danger attending the loaning of the public money, or care of the 
deposits received from the people. Are not the great banks 
now controlled by one or a few men unchecked? Is not the 
people's money speculated upon and loaned by hundreds of 
irresponsible persons — officials of the Government ? Is there 
any watch on their money except the watch with which a boy 
in the Treasury is charged ? That is all. In every govern- 
ment the exercise of this supervision is in the hands of the 
highest and best men of the nation. This is not so with us. 
When objection is made relative to this supposed danger, ask 
them if you have not clothed the Congress with powers, the 
judiciary with powers, and the Executive with powers ; all of 
which seem to be exercised in the interest of each branch of the 
Government for itself? The Executive is interested for his 
class; the Congress for the politicians; the judiciary for the 
bar. Now, shall not the people have the council of finance in 
their interest ? 

It will surprise the American people to know, and it may 
also be received with a smile when they are for the first time 
told, that the framers of the Constitution failed to ingraft upon it 
that which gives life, vitality, and perpetuity to a republican 
government. They gave us — intentionally or otherwise, I know 
not — the shadow and excluded the substance. The provincial 
government and also the union of the States of the Netherlands 
two hundred and sixty years ago, in other forms, gave far great- 
er liberty to the citizens than ours of to-day. It also better 
preserved him in the possession of his property. The original 
settlers of New-York and part of New-England were from 
those provinces. They were religious people. They establish- 
ed, or thought they did, freedom of conscience ; for it was for 
this that they fled from their homes. They were not familiar 
with the great principle that underlies society, and without the 
application of which the personal liberty of the individual in 
the construction of the state in such only in name. In the 
study of the history of those states it will be found that that 
principle is measurably disguised ; but it pervades the whole 
system of government, and gives character and direction to it. 
It is, as it were, a rudder to a ship — the most insignificant part 
of a ship in appearance, but it has a power indescribable, and 
only perceived when it is applied. It was a principle like this 



12 

that gave to Holland, two hundred and sixty years ago, sixty 
bushels of wheat to the acre, while we obtain but from five to 
twelve ; and which sent three hundred thousand tons of fish per 
annum to foreign markets; whose manufactures were sent to 
every clime ; whose harbors were almost inaccessible, and yet 
whose commerce was larger than that of all Europe besides; 
and whose territory — little more than one half as large as the 
State of Ehode Island — sustained in constant employment three 
millions of people, and held possessions in America and India, 
the latter of which she holds at this day. She so remained 
without check until 1694, when the principle on which her 
prosperity was based was applied by the English people. 

I say this principle pervades every phase of the construction 
of the Government of the provinces and the republic, and was 
the source from whence came all of our forms of government. 
The framers of the Constitution of the United States exhibited, 
in my judgment, a want of practical knowledge and real pene- 
tration when they failed to make that principle the most promi- 
nent article of our Constitution. 

Let us call it a discovery; for no writer on finance, no specu- 
lator or philosopher on the action of money, concentrated toward 
a given point and assaulting the enemy's capital, has shown its 
results both on property and people. I have said that the prin- 
ciple I speak of was measurably disguised. I quote from the 
history of those times : 

"We ask why the conduct of the Bank, [of Amsterdam,] instead of be- 
ing made public, is kept secret and remains mysterious ? The true answer 
is, that should the proprietors of the treasure lodged in the Bank of Amster- 
dam come once certainly to know that any use was made of the money 
there deposited, many of them would be apt to think they might as well 
employ it in the same manner themselves." 

These words indicate exactly wherein was concentrated means 
through which and on which the great prosperity of that nation 
went on, and the republican form of government maintained. 

I say that in my judgment this, though an apology for the 
framers of the Constitution, goes but little way when from the 
forms borrowed from the Netherlands the real substance, that 
which gave these forms value, the council of finance and the 
loaning of the public money, was neglected and omitted. The 
truth is, we have been going on from the beginning of our 
course on a carriage with but three wheels, which ought to have 
had four. The omission has brought us to our present demoral- 
ized and dangerous financial situation. This omission permitted 
the creation of two great interests for mutual destruction ; it 
caused the loss of the strength of our best lands, kept our manu- 



13 

factures stunted, almost destroyed our commerce) — which once 
destroyed, can never restore itself. 

The absence of the financial department of our Government 
is best exhibited by an account of the council of finance in 
Burrish's "Batavia Illustrata," concerning the different branches 
of that republic called the republic of the Netherlands : 

"Section IV. 
kK Of the Council of State and General Chamber of Aceompts. 

" The erection of the Council of State was projected by the States of. 
Holland, Zealand, and Utrecht in concert with that great politician Wil- 
liam I., Prince of Orange. The tragical and unexpected death of this prince, 
contrary to all expectation, produced very little alteration in the measures 
that had been taken in his lifetime for the establishment of this council, 
which the States General erected in the same year, 1584, with a very ample 
authority. Affairs of state, both foreign and domestic, the army and reve- 
nue, were all intrusted to her care ; but the States themselves soon grew 
jealous of this extraordinary power, which they resolved to reduce gradual- 
ly; and accordingly by a new instruction, in 1651, the disposition of mili- 
tary affairs and the command of the army, from being peculiar to the coun- 
cil, was in part transferred to the States General, who now give orders for 
the safety and defense of the State, the motion of the troops, and the ope- 
rations of the campaign. But this is not done without consulting the 
council, however, which still retains the care of raising and disbanding, 
clothing and arming the soldiers, of exercises and reviews, and in general 
of all the military discipline and economy. She is likewise charged with 
the care of the fortifications and magazines of Gelderland and Overyssel, 
which make the frontier of the seven provinces. 

"Business of state, especially that which is foreign, depends now en- 
tirely on the States General ; but the council still retains the inspection of 
the general revenue of the union, and gives orders for payments ; on which 
account the treasurer general has his seat at this board, and a right to de- 
bate, but not to vote. The office of treasurer is for life, which gives him an 
opportunity of acquiring so perfect a knowledge of affairs as makes him en- 
tirely necessary. It is he who prepares every year, under the authority of 
the councilman exact account of the funds necessary for maintaining the 
troops and officers in pay, and all other expenses that regard the generality ; 
which is what they call VEtat de la Guerre. 

" The receiver-general attends here likewise, to instruct the council what 
funds are in his hands ; which being done, he withdraws. The treaty of 
union obliges each province to levy certain taxes, to be applied to the com- 
mon necessities of the whole body ; but this article could never be execu- 
ted and probably never will, because the inland provinces, who have little 
or no commerce, can not possibly pay an equal quota with those where 
trade flourishes. The following proposition is what each province always 

pays in the sum of one hundred gilders or florins. 

* * ****** 

"They do not always confine themselves, however, within their settled 
proportions, but raise such sums and by such ways and means as they 
think proper, of which they send their quota to the receiver-general, and 
employ the rest as they please. In time of war, when the ordinary reve- 
nues are not sufficient for the necessary expense, the council demands the 



14 

settlement of new funds from the States General ; and to these extraordi- 
nary expenses the provinces contribute in the following proportion. 

* * * * * * * * 

" In the assemblies of the States General and provincial States the suf- 
frages are not taken capiatim, but jwovincialiter ; and therefore the provin- 
ces and the towns may send what number of deputies they please, because 
they all virtually have but one voice. But in this council the provinces are 
represented by such a number of deputies as bears a tolerable proportion 
to the money which each of them contributes for the support of the whole, 
with exception only to Groningen. Gelderland has one, Holland three, 
Zealand two, Utrecht one, Friesland two, Overyssel one, and Groningen 
two, who, with the deputies of the nobles and governors of the provinces, 
are the persons that compose the Council of State. And here each mem- 
ber has a decisive voice, and presides in his turn, without regard to the 
rank of the provinces. 

u For the regulation of accompts between the provinces, and auditing 
those of particular receivers ; with the income of the lands which belong to 
the state in general, there is a chamber of accompts, composed of fourteen 
deputies of all the provinces, and two secretaries, who likewise do the busi- 
ness of auditors and correctors. This chamber examines the accompts of 
the several admiralties, who receiye the money arising from duties of im- 
portation and exportation, appropriated by the States to the service of the 
navy. In the same manner she superintends and regulates the expenses 
of the States deputies who travel and execute commissions for the public ; 
the salaries and extraordinary expenses of ambassadors, extraordinary de- 
puties, and other ministers employed in foreign courts ; and keeps an exact 
register of all orders made by the Council of State, for whose ease she was 
indeed chiefly erected." 

Thus, sir, is seen in the construction of that Government a 
power equal almost to the executive power, that superintended 
all he money received and all the money paid out by the Gov- 
ernment. As with us judges are appointed for life that they 
may be familiar with the law and with the precedents, so as to 
give uniform and correct judgments in cases that are brought 
before them by the people ; so here we find that that import- 
ant branch of the government, the charge of the finances, was 
placed in the same relation to that interest that the judicial 
branch of our Government holds to the bar. These men who 
occupied the position of Council of State were men exalted in 
name, in character, and in ability, beyond those about them. 
When, as I have observed, all the funds that were inspected by 
this great power were centralized and used in the interest of 
the people, regulating their business, controlling all their great 
departments of state, and giving to that people a prestige never 
attained by a similar number of people in the world, I must 
certainly draw the attention of the people of the country to the 
omission that I have referred to in the formation of our Gov- 
ernment : the omission of a financial department to correct the 
growing arrogance and power of other branches of the Govern- 
ment, and to correct and check the overshadowing powers that 
are growing up and destroying the interests of the people. 



15 

In connection with this subject we should consider the situa- 
tion of the three million people who have built their habitations 
almost upon the sea. In a paragraph in the same history we 
are told that 

"The large dikes or ramparts, which they throw up to keep out the 
water, are an immoderate expense to the country ; and what is still worse, 
the sea and the ice very often cut and break through their strongest works, 
or force over them in such a manner that it often takes up years to free the 
country from the inundation, and restore it to its former circumstances. 

"But this situation, however inconvenient and unpleasant, has its ad- 
vantages with relation to commerce ; for there being very little land in 
Holland, and that extremely bad, the merchant has no temptation to draw 
his money out of trade ; which continues to accumulate, from one genera- 
tion to another, and by this means becomes so plenty, and interest so very 
low, that the Dutch are from thence, in a great measure, enabled to sell 
cheaper than their neighbors." 

Here is conclusively shown that, by the operation of the 
council of finance and the introduction of the government 
money upon the market, there was obtained a low rate of inter- 
est, by means of which and through which a population of 
three millions obtained their livelihood, and sustained a com- 
merce greater tban that of all the world beside. 

These three million people were thus employed, according to 
this authority : five hundred thousand in the sea fisheries, in- 
cluding those who built the vessels and supplied them with 
necessaries ; two hundred and fifty thousand in the agriculture 
of the country; eight hundred thousand in manufactures; 
three hundred thousand in building, equipping, and navigating 
all kinds of ships and trading vessels ; eight hundred thousand 
in procuring and furnishing all things necessary for the support 
of life, aliments of all sorts, with clothes, buildings, furniture, 
and all the long train of conveniences, superfluities, and embel- 
lishments ; and the remaining three hundred and fifty thousand 
were the nobility ; those in employments, lawyers, all those 
that lived on their rents, with their servants, the military men, 
and the poor. • 

This was the condition of the people whose commerce was 
maintained in the supremacy I have indicated. I ask the peo- 
ple of this country to examine into the present condition of 
their foreign commerce, and to ask themselves if it does not con- 
clusively show that they fail in having that element of strength 
that this prosperous and powerful republic, of two hundred and 
sixty years ago, possessed. 

I again quote from the same authority in reference to the 
manufactures of the various provinces : 



16 

"To this prodigious extent of foreign commerce we must add the manu- 
factures ascribed to the several towns above mentioned ; all of which, with 
exception only to the Delft-ware, are more or less practiced in this powerful 
and opulent city." 

Referring to Amsterdam : 

"A multitude of hands are employed in all kinds of tapestry. There are 
numbers of mills for sawing all sorts of wood into different dimensions. 
Others to work and polish marble ; mills for making gunpowder, for grind- 
ing 6nuff, and for drawing oil from seed. There are refineries for sugar, 
salt, cinnamon, camphor, borax, sulphur, yellow wax, etc. And, as Huetius 
observes, one may apply to Amsterdam what Vopiscus said of Alexandria, 
after he had summed up the manufactures practiced there : ' That all its in- 
habitants followed some trade ; that the lame and the gouty were employed, 
and even those who had the gout in their hands did not sit idle.' " 

Now, sir, I have presented as well as I could the simple con- 
dition which gave to the republic from which we obtained our 
form of government the prosperity that she enjoyed. I have 
given it from a history written at a period familiar with that sit- 
uation, and there can not be any mistake in reference to it. Let 
me next refer to the condition in which Spain found herself 
when by the efforts of Charles V. she ruled most of Europe, and 
lost it. If she did not rule it by possession of territory, she yet ' 
ruled it politically and commanded the situation. When I 
draw attention to the causes and the circumstances attending the 
downfall of the Spanish monarchy, the people of the United 
States will see conclusively the influences that are contributing 
to the downfall of this country. I read from the same authority 
to which I have already referred : 

" Everybody knows that the force and grandeur of Spain depends on the 
annual returns that she receives from her colonies in the West-Indies ; and 
were the treasures that are brought from those countries to remain entirely 
with the Spaniards they would be more than sufficient to render them what 
they once were, the most redoubtable enemies and most tyrannical allies in 
the universe. But the incapacity of Spain to furnish a cargo for the supply 
of the West-Indies forces her to share the profits of that commerce with the 
other trading nations of Europe, and thus the return of the galleons and the 
flotilla is as necessary to the merchants of France, England, and Holland 
as to those of Cadiz and Madrid. 

" This poverty which incapacitated the Spanish to supply the West- 
Indies arises from mismanagement in their European commerce. The vast 
equipments made by Philip II., and the ill-success of his enterprises, had so 
totally destroyed the naval power of Spain that after the peace of Afunster 
the Spaniards found themselves obliged to hire Dutch vessels to carry on 
their trade to America. The wars they were afterwards engaged in with 
France, the sums expended in the preservation of the Netherlands, as well 
as the Italian States dependent on the Crown of Spain, the vast numbers of 
men consumed in the defense of those countries, from the peace of Minister 
to the death of Charles II., and the several calamities which harassed Spain 
from the decease of this prince to the peace of Utrecht, have been so many 
invincible impediments to the revival of their navigation. Since the treaty 



17 

of Utrecht they have been zealous to restore their maritime force, but 
have been mistaken in the means. 

" If the money laid out by the Court of Madrid in the Sicilian expedition 
and the equipment of that fleet, which was so entirely defeated by our ad- 
miral, my Lord Torrington, in 1718, had been employed for the immediate 
encouragement of navigation either in the nature of loans to particular mer- 
chants or any other effectual method for fitting out merchant ships in 
the several ports of Spain, I believe that by this time the Spaniards would 
have been able to carry on their European commerce entirely with their 
own ships, and this would in a little time enable them to fit put a navy and 
to supply their West-Indies without the assistance of any foreign nation. 
But the Spanish Court was resolved to have a fleet at any price, before 
they had laid the necessary foundation for its support — that is, before they 
had extended their own navigation so as to have a constant nursery for sea- 
men, and before they had a sufficient quantity of stores in their country to 
repair any sudden loss, without which it is vain to think of keeping up a 
navy, except at such an expense as even all the treasures of the Indies 
would not be equal to." • 

Philip II. would have a navy at any price ; and instead of 
strengthening his people through their industries, he drew from 
them revenues sufficient to build his navy, by which means 
his commerce was destroyed. Is there not a parallel between 
his course and the policy of Congress, and those who are influ- 
encing congressional action, in enforcing specie payments upon 
the nation regardless of every interest in which the people are 
engaged ? If there is any application in the words .quoted, and 
in the circumstances attending the forcing upon the Spanish 
people of the building of a navy, do they not warn us as to the 
consequences of forcing upon this people a condition of specie 
payments by which and through which their industries are to 
be prostrated ; .for is it not evident to the mind of every man 
that by law, as by any other system of speculation, there has 
been brought into the money market a force, backed by the 
whole power of the Government, which has resulted in the in- 
creased price of money from the beginning of that experiment 
until the present time ? 

Sir, there is no industrial interest in this country that cam 
obtain a profit to-day based upon the interest that the Govern- 
ment itself has elected to pay by the forcing of capital into the 
hands of the few and out of the hands of the many. If reflect- 
ing men can not and will not see in this the cause of the destruc- 
tion of their interests and the precarious condition of their 
affairs, and the wrong policy that has been pursued here from, 
the beginning, they must be blind indeed. Philip II. forced his 
people to build him ships to carry on his wars. He took from 
them the very means that would have sustained his commerce 
and his manufactures. And what have we done but to take the 
means of the people from their industries to establish by force a 
condition of specie payments, and give an increased value to 



18 

government securities ? The Congress of the United States are 
to-day managing not only the political condition of the people, 
but they are certainly managing every individual and every 
collective interest of the United States. There is not an interest- 
that there is not a constant agitation for some law respecting it. 
ISTo business-man knows to-day what Congress may do to-mor- 
row, what laws they may enact, and no man knows how to 
provide to-day for a year from now, not knowing what will 
be done in Congress. Sir, is that the business that men who 
occupy seats here should devote themselves to? Why not let 
the people alone in the management of their affairs? Why 
draw from them that which alone can give vigor, strength, and 
activity to 'their operations? 

I have, Mr. President, felt called upon to criticise in the best 
language that I possess those matters which were deemed by 
me to be imperfect. I have endeavored to show to the people 
of the country, and to turn the attention of Senators, by truth- 
ful utterances, toward the exact condition of matters here and 
• elsewhere. I am certainly confirmed in the position I have 
rtaken by the indications that come to me from all quarters. I 
« can not hesitate to characterize strongly the growing, monopo- 
lizing, and vicious powers that are coming unchecked upon 
the people ; and I deem it a duty to bring to bear upon that 
« condition of things such illustrations, and point to those which 
; to me are most applicable. 

I have pointed to the action of Congress, members of the 
. two Houses, in the demands they make npon the attention of 
the executive department for office ; but I have not pointed to 
,a condition of things among the people that is* as vicious, that 
is as injurious to communities, to states, and to nations, as the 
operations of ,the members of Congress in applications for pre- 
rogatives and< offices for their friends. 

As I said,, I use the best illustration at command to show the 
pernicious influence of those who control capital merely on leg- 
islation, society, business, and even on the fortunes of war. 
Any reflecting mind may easily perceive that the people are 
made both cowardly and poor by such influences, exercised as 
they now are and heretofore have been. It has been said, and 
I have had a powerful experience to support the truth of the 
saying, that there is nothing at once so cowardly and so vicious 
.as five hundred thousand dollars, except — a million. 
Now for my illustration : 

There is in my State a great capital centred in one family ; 
and that family has a newspaper organ, and that newspaper 
organ is controlled by my colleague. There are throughout the 
State those who receive or expect to receive stipends at the 
hands of that family, or whose business rests on its favors. 



w 

They and their agents are in possession of most of the moneyed 
institutions of the State, and when they sneeze, there is a great 
deal of sneezing from one end of the State to another. No man 
knows, unless he conducts a large business, how sensitive credit 
is in times of stringency in the money market. It is like the 
virtue of a woman, easy to be stabbed in secret. The slander 
gathers strength as it goes, and the character has suffered a 
wound from which it never recovers. But the cowardly attack, 
of course, indicates a cowardly nature. 

It will be remembered that I commented a few days ago on 
a paragraph which had recently appeared in my colleague's 
newspaper. I desire to say to the people of Ehode Island and 
the country that those who hold in their hands large masses of 
the capital of a community influence the course which all the 
capital of that community takes, no matter how situated. If 
the holders of such capital are moved by envy or hostility, they 
have it in their power to sacrifice those who by the exercise of 
their own energies are carrying on extensive operations. I ask 
the people of Khode Island if it would please them to see the 
great interests I represent receive the stab I have described ? 
But the effort to stab me has at least been made. The mem- 
bers of the great moneyed family I have adverted to have taken 
recent occasion to say to those controlling capital heretofore 
employed by me, that "Sprague is very much extended," 
" Sprague is investing in the South," M Sprague is doing a 
very great business ;" and all this with a shake of the head 
which shook the heads of all around, as much as to say that 
they did not know how it would come out. I struck back, 
direct at the hand which struck the blow, and which, after strik- 
ing, wrote an account of it for my colleague's paper. I took 
occasion to state the reason for using the credit these vicious 
eyes called attention to. It was that I was carrying large stocks 
at fifty to seventy-five per cent less than others were doing. 
The effect of this was to keep the New-England mills in opera- 
tion. Suppose the market for these cloths was allowed to drift 
down to seven cents per yard, how long would the mills have 
been kept running with cotton at thirty -two cents per pound ? 
And if the general market had been met and lowered instead 
of held up, how long would those who used those goods at even 
so low a figure as seven cents a yard be able to keep them in 
the general market? When they know that six hundred 
thousand pieces, in different forms, but in one mass, of these 
cloths were held out of the market by the use of the credit 
sought to be damaged, what will they say? What was the 
satisfaction of those who — others than those I represent — when 
it was no longer possible to hold up the market, were driven by 



20 

their necessities to accept less prices than the market price, 
when the whole volume of goods were sold following their 
action, held up by the means I have indicated? When the 
New-England manufacturers can see an inch before their eyes, 
they will see that the whole policy of those I represent has ever 
been to enable those about them to go on and profit in their 
business enterprises. I challenge the first instance to the con- 
trary. "Without this policy the labor employed in the various 
manufactories about ns would have received far less reward 
than it did receive. Those I aim at long ago scented the idea 
that when great credit or great capital is used to sustain or de- 
press the market the object is usually effected. I disparage 
these great business concerns ; but, sir, the inevitable tendency 
of things is to them. Let my people remember that not many 
years ago there were numerous small interests about me where 
there is not one now. All are consolidated ; and these consoli- 
dations work serious injury to the independent character of the 
laboring people. Great interests must war on smaller ones in 
order to sustain themselves. It is the inevitable consequence 
of the imperfect character of our legislation and Government. 
Riches find their way to the pockets of the rich, and deeper 
poverty comes to the homes of the poor. If I can help it, I will 
not live among a people who are paupers, and who bid fair to 
become slaves to these great institutions. 

This is my war. It is not a war upon them ; but it is a war 
to give to the people equal facilities with these great establish- 
ments, that they may safely employ their energies in the 
same business, and of course as competitors with them, and as 
checks upon their power and supremacy. 

I will not have a whole community subject to a bad condition 
of my stomach, or subject to all the ills humanity is heir to. What 
is that but an abnormal condition among the people ? Am I 
warring against my own interests? Will a people who are 
made poor by the operations of these powerful establishments 
among them permit the*inequality of great poverty for them- 
selves ; great riches in the hands of the few? Not unless they 
are slaves, sir. So far I am not at war with my own interests, 
as those about me, without this statement of facts, might be in- 
duced to believe. I have taken my position because I believe 
I see further and clearer than the holders of the power I have 
indicated. They are like the stragglers who, when the line is 
presented in full front to the enemy, are in greater danger than 
those who are receiving the full fire of the opposing forces. I 
have heard that there are more stragglers — those who fall out 
of line or who crowd together — killed than among the coura- 
geous and faithful who stand unswerved in correct alignment, 



21 

receiving the fire of the enemy, and doing good execution 
against them. 

I proceed with my illustration. This great family came to 
me in 1857, and made this proposition : "Let us join our forces, 
prevent a suspension of specie payment, break down those who 
are our rivals in business, or otherwise, and buy up their prop- 
erty.'' At that time I had no debts whatever pressing upon me. 
But did I unite with them in carrying into effect this vicious 
and pernicious scheme ? Sir, I did not. I repudiated and 
spurned the proposal, as I now do the proposition to continue 
the present state of our affairs, which is really to my temporary 
advantage. 

But what, I ask the people of Rhode Island, was the charac- 
ter of the enterprise of this great family ? Have they not from 
the beginning of their history sent out of the State all the capi- 
tal upon which they could lay their hands? When shamed 
into the fashion of employing some of their immense resources 
in the business of the people about them, did they not set an 
example, in the extravagance of their buildings, which others 
of less ability were induced to follow, almost or altogether to 
their ruin? And have they not conducted their business in 
such ignorant and unskillful manner as to cause injury to nearly 
every one engaged in business near them ? Such at least, sir, 
is my experience ; for I have enterprises in the poisonous at- 
mosphere they create. The people must know that they are 
directly injured by those who are ignorant and unskillful in the 
management of their own affairs. Their interests are the peo- 
ples interests, and the sooner those who are the custodians of 
them come to this belief, the better for all. 

So much for business. I proceed still further with my illus- 
tration. 

The great family I have mentioned are influential in the 
management of our college, the venerable Brown Univer- 
sity. This institution has nothing in sympathy with the people 
of Ehode Island. Do the people know that it is because the 
business office of the great power managed it out of the State? 
Do they know that they drove from the office of president the 
intellectual seers who would not submit to the vicious power 
that would either rule or ruin ? Do they know that the West- 
ern lands given to the State for an agricultural college, and 
given to the university through my action — worth now more 
than a million dollars, if the Senator from Kansas [Mr. Pome- 
roy] be a good witness — were sold for $50,000, and bought by 
an agent of the college, who aided in procuring funds for the 
college, and who is the " right bower" of the great power I have 
described? And, in short, do the people know that the feud 



22 

this power has engendered keeps the college in turmoil and con- 
fusion, a disgrace to the noble work it was intended it should 
perform? Are such great establishments any especial advan- 
tage to the community, in an educational point of view ? 

Mind, Mr. President, I use this as an example to illustrate 
just how the people of this country are controlled and driven to 
their ruin. The instance is only one of many, but perhaps an 
aggravated case, which the imperfections of our institutions give 
existence to ; like that I referred to the other day of ten per 
cent a month. 

In a religious view, it will be my duty hereafter to refer to 
them. In politics, after a simple statement concerning the Dorr 
war, I shall confine myself to my personal experience. I speak, 
sir, of the public action, and the public results of their action. 
I shall await the action of their instrument before coming to a 
nearer inspection of that which is private. I say, then, that the 
great Dorr war, which decided a national election, was brought 
on the people of the State by their management, and ended un- 
der their direction. 

Now as to my own knowledge touching their political action. 
Like the inquisition, they work in the dark. The people do not 
yet know that they have been led about by the nose by their 
influence. I will tell them. 

It is known that I arrived from Europe in the winter of 
1860 ; that I received an ovation never theretofore given to 
a private citizen ; that at that time what was called the radical 
wing of the Eepublican party had nominated their candidate. 
The candidate was not the tool of the great family. -At once 
there was an uproar, and opposition was organized. I was 
tempted with a proposition to put me in nomination. I refused, 
as I had previously pledged myself that I would not enter poli- 
tics. I was young ; I had no political knowledge, and no know- 
ledge of the real hand at work. I was told that it was of national 
importance that the radical element should be suppressed. I 
refused for a week ; but finally I consented. The Eepublican 
party was defeated, and lost power for three years. When I 
had placed myself in the breach, the great power, with charac- 
teristic cowardice, held aloof. This power was that which in 
this way gave the staggering blows that broke up the party in 
Rhode Island, and made the struggle to elect Lincoln far greater 
than it would otherwise have been ; for the leaders of the party 
thought there was a change of opinion among the people, and 
that such might be the case throughout the country. -There 
was not an atom of principle in their work; there was a greed 
for power only. 

I ask the people of Rhode Island and of the country if such 



23 

unscrupulous powers growing up among them are safe to their 
liberties? I answer a thousand times, So! 

I was fated. But did I surrender to further temptation ? Let 
my subsequent action show. I saw the impending war. 
When it came, I went into the armories and among the people, 
and organized twelve hundred men, with new officers. But in 
the regiment the great power exhibited itself. And now comes 
a most interesting phase of the war. History by my silence 
shall never be led astray. In this regiment, then, I found the 
power. It came to Washington. I urged immediate action ; 
I constantly urged a movement on Richmond before the Confede- 
rates concentrated there. The movement would have been suc- 
cessful, as all said. The strongest opposition came from the 
rich men in the regiment. These rich men were the power I 
am criticising. Remember there is nothing so cowardly as five 
hundred thousand dollars — except a million. And remember 
it was heralded all over the country ; gratified at the unusual 
spectacle of rich men willing to expose their lives for their 
country. I posted one of them to guard the revolutionary flag 
from an excited officer. Did he stand fire ? Sir, he ran away 
at the first attack upon him ; like a coward, deserted his post. 
He threatened dire vengeance when both himself and the officer 
returned to private life ; but I never heard that there was any 
account presented or enforced. 

Well, we did not move. We remained feted, flattered, and 
covered all over with admiration. However, I went home to 
organize a new regiment for the three years' service. Prior to 
its coming, the regiment moved with the other forces on Har- 
pers Ferry. I hastened from the State and joined them. The 
movement resulted in nothing ; it was too slow. We moved in 
fear. Sir, fear prevailed in my regiment. Finally we moved 
to attack the enemy at Manassas. We were at Centreville. 
The Secretary of War came up. We were brigaded with other 
regiments ; the Secretary of War admired the command. The 
commanding general relied upon us more than upon double the 
same force in the army. 

But what was the rumor that came to me? What! the regiment 
refused to move; their time was out. What was the influence ex- 
ercised here ? Sir, it was the million dollars. Their lives were pre- 
cious ; they were three months' men ; the lives of the three years' 
men were not precious. They were poor mechanics; they were fit 
only to die; but the million dollars would seek safety in a misera- 
ble subterfuge. The Secretary of War came to me ; the general 
commanding the army came to me. " What do we hear? Rhode 
Island refuses to move. There are ten thousand men awaiting the 
action of your regiment. We will be forced in disgrace to return." 



24 

I sent for the colonel. He said the rumor was true. What was 
my answer to him? " Go back to your command ; say to the 
rebellious — the million dollars — that the country has exalted 
them to the skies with its praises ; that Rhode Island expects 
them to fight," and, with some emphatic words not now necessary 
to repeat, that " they should fight, or I would disgrace them to 
the State and the country." This quelled the disturbance. 

I was at the defeat at Blackburn's Ford. I was in the front of 
the enemy with the only reconnoissance of line that was made. 
I was the only man from the State who was in that dangerous 
service. I wanted to feel the enemy ; I wanted myself to see 
him. I did see him for a whole day with but one hundred 
regular cavalry, nearer than the million dollars ever came. 

But anon the forces moved. We were the light division ; we 
were to march in the rear of the line ; we were the flanking 
force, and in the most danger, because we were considered the 
most reliable. The three years' men acted part as skirmishers, 
part as reserve. The artillery came next, then the first regi- 
ment with its million dollars in high command, and following 
the other regiments of the brigade. We crossed Cub Run ; we 
felt the enemy ; we came upon him posted not forty paces from 
us. The gallant Slocum formed line on the left Of the road with 
great intrepidity, under fire; the raw levies stood firm as vete- 
rans, delivered their fire with precision, and the battle went on ; 
we had no time to look behind. 

I took special charge of the battery. The men, detached and 
separated, were a little confused; some stood firm. Horses 
were struck down ; men lay down and died ; for ten minutes I 
supplied the gun with cartridges and ammunition to give confi- 
dence to the line. I kept my horse during the fight ; the bullets 
scratched me and made holes in my loose blouse. 

The brave Ballou came to me. With a harsh expression I 
ordered him back to his regiment. "Where is Slocum?" 
" Dead." " Where are so and so ?" naming a dozen officers. 
" Dead." " Go back and keep your men to their work ; see 
that they work together." Ballou said : "I come to get assist- 
ance ; the enemy are flanking us." " Where are the million 
dollars ?" They can not be found. Nobody was there, and they 
were going it alone, and for forty minutes stood without assist- 
ance. Where were our companions? Echo answers — where? 
Here are the mechanics, who are good enough to be shot and 
nothing more. 

We directed an organized force on our left; we turned our 
artillery in that direction. We looked for the million dollars. 
Did it come ? Yes ; the commander, in fright and alarm, finally 
brought them from their security in the woods. How did they 



25 

come ? Sir, they came like a flock of sheep. They formed 
line like a flock of sheep ; they fired in the air. One of the 
representatives of the million dollars skulked, and his officer 
disgraced him with a blow of his sword. His reply was that 
when he got the officer in civil life he would settle the account. 
But that was the last of it. 

Where was he who was placed in high command over this 
devoted and splendid body of men, whose equal had never be- 
fore been brought together ? for remember it was the vicious 
influence of only one or two men who were here. Where was 
he, I say? He had left, had deserted them. He sought safety 
in safe places. He was not there. The men well remember 
when I rode in front of them, struck down their muskets to a 
level with the enemy, and how they received me — the only 
officer they had whom they could see ; and I shall never forget 
the sensation which I felt in the blast of the enthusiasm witn 
which these twelve hundred men received me. We were ripe 
then for a charge. I led. Sir, my horse was then shot. I 
took off his saddle in front of the line ; and the men, without 
order and without energetic pushing, fell back. The enemy 
continued his fire. I saw the commander of the brigade ; I in- 
quired of him, " Where are the officers ?" His face was cov- 
ered with tears ; his million dollars should not be sacrificed. 
With three thousand men unemployed, he harassed McDowell 
for three hundred regulars to come to his support. They came and 
cleared the field, and the millfon dollars was saved. 

The regiment was led away ; but the artillery remained, and 
I with it. I inspected the field. I received the full blast of 
Johnston's reenforcement, not twenty paces off. I saw the men 
scattered ; they were not held to the line. 

I returned to the hidden regiments and advised immediate 
organization to guard the rear ; that they should be the rear- 
guard and hold the post of danger. Did they stand a moment ? 
Sir, the million dollars, had they been in front, where they be- 
longed — four thousand men, three thousand of whom had suf- 
fered nothing — would, if pushed, have carried the day. The 
army knew it. The general commanding knew it, and has so 
said. I knew it. 

Now for the rear-guard. Did they stand? No, sir. The 
first scattering men that came along scattered them. I made 
further efforts to organize a guard from among the men coming 
in. I succeeded for a time; but the haste of the million dollars 
going to the rear left the space too great, and we dissolved. I 
gave it up in despair. I joined the million dollars. News 
came that the enemy were pursuing. With blanched face I 
was begged bv the commander, who was stupefied by the mil- 



26 

lion dollars, to take a white flag and go to the rear and surren- 
der the troops, as he would not have them cut up. Twice, sir, 
was I thus solicited. Did I spurn with contempt, or not, the 
miserable and cowardly proposition? Sir, we were disgraced. / 

We moved to our camp at Centreville. I was exhausted 
with the work of the day ; for my bodily strength was not 
great. I sent to the conference of generals the commander of 
the million dollars, but who, it will be observed, was the real 
power directing affairs, with the injunction that we stay there; 
that we fortify our position ; that we should not go back like 
sheep to Washington ; that we should not be further disgraced. 
Sir, what was their action ? I went to sleep ; and about two 
o'clock the stillness awoke me. All had fled ; had been gone 
for hours. I saddled my horse, jumped the fences, and reported 
to Lincoln ; and begged him to send forward new troops which 
he had to stop the disorder. My petition was of no avail. 

The million was asked to wait a week. The enemy were 
coming on. Sir, why not stop in a place of security ? Certain- 
ly no one would now refuse. A rat will fight in a corner ; a 
coward will sometimes be worked up to a frenzy. Sir, the 
million dollars would not stay. The very next train put dis- 
tance between them and their fancied pursuers. Thus the me- 
chanics were sacrificed. They would not have been had the 
enemy not found all his forces operating on a short line. 

One hundred men paid the penalty. They were poor men, 
however. The battle was lost beyond a peradventure by the 
influences that kept the forces in the rear. As splendid a body 
of men as ever shouldered a musket, other than the million 
dollars, were disgraced. A nation was paled and discouraged ; 
a State hung its head ; and only in its mechanics, in the infantry 
and artillery, had she a decent place in history. 

Sir, it was the influence of the million dollars that struck 
at me. 

They went home ; paid claqueurs were ready, and an ovation 
followed. The feelings the claqueurs gave rise to embarrassed 
me when I was in the field. A spirit of disorder and disunion 
was engendered in every regiment the State sent into the front. 
One was hardly formed before this counter influence was at 
work. Is this the kind of direction for a brave people ? Is 
this the sort of influence that it is desirable the American peo- 
ple should build up? I say, No ; a thousand times no. 

How did the country and my colleague and this Senate re- 
ward that action ? By a commission as brevet brigadier-gen- 
eral ! 

Besides this, be it understood that there was a solemn oath 
taken by the million dollars to bare the breast to the bullets of 



27 

the enemy, and I had taken no such oath. I was but an actor 
without commission or authority, but did act as I have related. 

Did not the power, in subsequent political action, send a man 
to Congress who has covered the business interests of the State 
with disgrace ? 

It is influences of this kind, now at work in every community 
throughout the country in a greater or less degree, that I pro- 
pose to reduce to a position where they will cease to rule. 

Mr. Anthony : Will my colleague allow me to ask him to 
whom he refers? 

The Vice-President : Does the Senator from Ehode Island 
yield to his colleague? 

Mr. Sprague : No, sir. My colleague says it is painful to 
him. To me there is no pain when gathering instruction from 
the past for the guidance of the future. He may say that one 
of the representatives of the power lost his life. True, sir ; the 
million dollars mistook the character of the man on whose staff 
he was, and placed a member of the family there who fell with 
his chief. It made some atonement, but where are the one 
hundred men dead ? How atone for a battle lost, a nation 
humbled, twelve Hundred men for life cut off from the enjoy- 
ment of believing that their efforts, if properly and courageously 
directed, would have saved a nation from humiliation, a State 
from disgrace, and themselves from bitterness. One life does 
not always repay for a work of this kind. The life must be a 
great one. We have heard of such a one, but it does not belong 
to this account. We gather this moral from this chapter in 
history — that a people under such control and direction become 
cowards and slaves ; and gather this also, that under any other 
government on the face of the globe death would have been the 
penalty, not the highest honors of the state. 

Mr. President, I will not burden the Senate describing simi- 
lar influences that worked disaster to the Army of the Potomac. 
I will forego that for the present. But I am cautioned to exer- 
cise policy ; that the adversary must be approached in parallel 
and zigzag lines. Are the people forced into such danger that 
they can not approach, but under cover, the institutions built 
by their consent and sanctioned by their labors ? 

Following out the illustration of the influences I have de- 
scribed as at work in Ehode Island, let me ask the people of my 
State how they like the increasing growth of these two great 
houses — my own and that of the great family I have mentioned ? 
They are now at war ; suppose they were to join hands ; what 
independence would there be among a people so largely com- 
posed of the manufacturing class ? Let us understand the 
whol e case. The condition of affairs in our State, which is but 



28 

an aggravated one in its application to the whole country, is this, 
and nothing less. Gro back with me to the Middle Ages and see 
how by personal courage and daring great chiefs sprung up, sur- 
rounded themselves with vassals, and intrenched themselves 
with castles, the ruins of which still interest travelers, though 
they do not often instruct them. Thus established, baron 
warred on baron, destroying castles and capturing vassals and 
lands, and adding them to his own. For a long period leaders 
and people were occupied in war, and continued so until trade 
and commerce were established. Is not our situation similar, 
except that instead of noble daring among the leaders and man- 
ly courage and virtue among the people, there are at work 
those secret influences which make cowards and paupers ? Does 
not the great capitalist destroy and absorb the less, as the great 
baron destroyed the smaller ? And was not the baron who 
possessed himself by force of the castles, lands, and vassals of 
another like the great capitalist absorbing to himself the property 
and business of his weaker competitor? As for me, if I were 
called which to choose, the condition of the Middle Ages or now, 
I should choose the former. Then the lands of the people were 
laid waste by the contending chieftains, and the despoil er ag- 
gregated the spoils to himself. Do we not see wasted our lands, 
our property, our commerce and trade; our business of all 
kinds absorbed by the great moneyed institutions growing up 
about us ? Will not these great interests war on each other, 
and whoever triumphs, will not the people, in like manner, suf- 
fer and be impoverished? Sir, I certainly think so. 

The power of the barons was only checked and destroyed 
when the barons and people united in the selection of a leader, 
the better to protect themselves from foreign inroads and from 
one another. This seems to me significant ; but that signifi- 
cance ends when a power at the disposal of the people and the 
one I indicate is brought into beinff. 

I have illustrated this with a purpose. I have given the 
history of the influence of money, of the power of money in its 
operation on the men that influence legislation, society, busi- 
ness, and every thing in this country, with a purpose. It is no 
easy task for any man to stand up against the overshadowing 
money-power. I know the essence of money ; I know what 
forces it will bring to bear as well as any man who hears me or 
who may read what I say. I know that the influence of any 
one representing simple capital on this Congress, in affecting the 
legislation of the country, is as certain to be in antagonism to the 
liberties and interests of the people as in the war instance I 
have illustrated. I do not desire to point a finger that will in 
any way destroy them ; they are proper and necessary in their 



29 

place, but when they come here and use this Senate as their 
agent and manipulate laws in their interest to control the whole 
Government of this country and the people's interest, then I de- 
nounce it ; then I desire, as the people of the country desire, 
that there shall be an agency at work that will regulate, that 
will control, that will reduce them to subjection to the people's 
interests. There can be no mistake in the picture that I have 
drawn. Senators must stop and consider. They must see that 
in the influence, in the encouragement they are giving to these 
overshadowing powers there is danger ; and when they further 
consider the anxieties, and cares, and sufferings, and poverty, 
that are growing upon the people every day and every hour, it 
seems to me that it is time for them to pause and consider if the 
policy they have pursued is the correct policy. I say it is not ; 
the people say it is not. Then, sir, why not pause and consid- 
er whether you aie right or they ? 

The governments of England and of the Continent know 
that your system of finance, or rather your want of a system, has 
rottenness in it, and that under it you can not go on and pay 
your debts. The only danger attending the adoption of the 
plan I propose is that Great Britain and the other Powers, see- 
ing you establish yourselves upon a sound financial bottom, 
may seek to prevent you. Will they go to war to prevent you? 
It is not impossible. They have looked with suspicion at your 
securities; while those of Great Britain bring ninety to ninety- 
five at three per cent interest, yours at six per cent bring only 
eighty. They know yours have no real bottom on which to 
rest ; but they w T ill sell to you as long as you have a dollar to 
pay for their goods. They will take advantage of your poverty 
so long as your lands sell at half or a quarter of their value. This 
is going on at a rapid rate j and you see by the increase of im- 
portations — indicative of the unemployment of your people in 
manufactures, produced by the extortionate rates of interest es- 
tablished for your public securities — that the increase in the 
cost of your manufactures is so great that the tariff is becoming 
of no possible protection. But you can not increase the tariff, 
you cannot increase the taxes, and operatives are unemployed. 
There is a less and less market for your agricultural produc- 
tions. Existing prices are starvation prices, because your peo- 
ple are in great numbers in the position of unemployment. 
You can not ship it, as you can not compete and pay the trans- 
portation with a production on your part of five to twelve bush- 
els to the acre against a production of twenty -seven and twenty- 
eight ; and all you sell at one hundred and forty cents a bushel 
of wheat here, being equal to a production of seven to ten dol- 
lars to the acre, will not pay the labor } 7 ou put on it ; so that 



30 

your agricultural commerce is already lost. Your manufactur- 
ing and mechanical interests are going the same way, as may be 
seen by the facts I have enumerated. What, I ask, have you to 
rely on to give credit or to give strength to national or any other 
of your securities ? Of course, while this state of things is 
going on the world will look on and laugh at you. That they 
will send back their bonds just in time to save themselves and 
take more of your capital now in business is a fact, I believe, pa- 
tent to every body. The vast amount of bonds now in Europe 
unsold, on which bills of exchange are drawn, gives a fictitious 
appearance of strength to your market. I repeat, that it may 
be that when England becomes convinced that your eyes are 
opened, that you see your real condition and are about to apply 
an effectual remedy, and that remedy one that will take from 
her her supremacy of trade with you ; that you will through. 
its means establish your republican institutions upon solid 
foundations, restore your manufactures and your commerce in- 
dependently of her — at that moment she may allege a pretext 
for war upon you. But with a substantial financial system fully 
ingrafted on your political system you can laugh at the world 
and defy them all. Without a good financial system you are 
weakness itself. You will take warning, I hope, by my words. 
I quote some instructive sentences : 

" It is the constant interest of trading nations never to undertake offensive 
wars for the sake of glory and conquest. They must remain upon the de- 
fensive, and not come to an open rupture with their neighbors but upon the 
utmost necessities. 

" This is a settled maxim with all countries that depend upon traffic. 
But as there is no rule that is not liable to an exception, there are certainly 
some cases in which it would be the interest of the United Provinces to de- 
clare war against Spain, notwithstanding the inconvenience which the re- 
public must suffer from a suspension of her commerce." 

Such was the attitude of the Dutch toward Spain. Such may 
become the attitude of Great Britain toward us. 

I look with pleasing anticipations on the results of the measure 
I advocate. I feel that when it is in complete operation the 
people will not be compelled again to look to a single man for 
relief or safety, nor to no party will they surrender their desti- 
nies, and to no Congresses a point toward which they must turn 
their eyes in anxious forebodings. The people will have safety 
in the strength of their own position. 1 am confident they will 
accept my measure, and that they will ultimately protect it as 
the apple of their eye. 

In conclusion, I pray the people of the South to turn -from 
the contemplation of their wrongs, and the people of the North 



31 

no longer to blame the South as the cause of their sufferings. 
Let them come to the conviction that the cause of their troubles 
is in the imperfection of Government. Let them reflect that an 
important element in the Government, one that would have 
given it superior strength and vitality, was omitted. Let us set 
at once to work to remedy the imperfection, and by the help 
and blessing of God the bitterness engendered by the war may 
be done away with, and we, as one people, move onward to per- 
manent prosperity and happiness, and to a higher and higher 
civilization. 



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